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ACCOUNTING WORKSHEETS by abstraks

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									                            ACCOUNTING WORKSHEETS
                                         Chapter 7
  Answer the following questions to the best of your ability. This will be due the next
                        class period unless otherwise stated.
1. What does the accounting concept Consistent Reporting mean?

2. The length of time for which a business summarizes and reports financial information
is called a ________ also known as a _________

3. What does the accounting concept Accounting Period Cycle mean?

4. What length do most businesses choose for their fiscal periods?

5. During what period do most businesses choose to end their fiscal periods? Why?

6. Financial information may be analyzed, summarized and reported on __________ a
business needs the information.

7. A columnar accounting form used to summarize the general ledger information needed
to prepare financial statements is called a __________

8. List the 4 reasons accountants use worksheet




9. Do journals & ledgers need to be prepared in ink? Why or why not?

10. Do worksheets need to be prepared in ink? Why or why not?

11. List the 3 things that appear in the heading of a worksheet.




12. The total of all _______________ must equal the total of all __________

13. A proof of the equality of debits and credits in a general ledger is called a

14. Information for the trial balance is taken from ______________ ______________
account titles are listed on a trial balance in the same order as listed on the
15. T or F You leave accounts without balances off the worksheet.

16. List the 6 steps in preparing a trial balance on a worksheet.




17. What does the accounting concept Matching Expense with Revenue mean?

18. Changes recorded on a worksheet to update general ledger accounts at the end of a
fiscal period are called __________

19. List the four questions you must ask when analyzing an adjustment.




20. When making an adjustment for supplies which number, the supplies on hand number
or the supplies used number goes in the adjustment column of a worksheet?

21. If you are subtracting an adjustment from an asset account what column should the
adjustment number go in, credit or debit? Why?

22. When making an adjustment for prepaid insurance which number, the insurance
coverage remaining number or the insurance coverage used number goes in the
adjustment column of a worksheet?

23. What does the double rule at the bottom of the totals column tell you and others that
read the worksheet?

24. At the end of each fiscal period, Encore Music (and all businesses) prepare_____
financial statements from information on a worksheet.

25. The up-to-date account balances on a worksheet are extended to columns for the

26. A financial statement that reports assets, liabilities, and owner’s equity on a specific
date is known as a __________

27. What are the general ledger divisions that appear on a balance sheet?

28. Up-to-date balance sheet account balances are extended to the __________ debit and
credit columns of the worksheet.
29. A financial statement showing the revenue and expenses for a fiscal period is called
an

30. What are the general ledger divisions that appear on an income statement?

31. Up-to-date income statement account balances are extended to the __________ debit
and credit columns of the worksheet.

32. The difference between total revenue and total expenses when total revenue is greater
is called _________

33. The difference between total revenue and total expenses when total expense is greater
is called ___________

								
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